The week has kicked off with some old penny stocks, MyECheck, Inc. (MYEC) and Resource Ventures Inc (REVI), knocking in big, double digit gains while LabStyle Innovations Corp. (DRIO), who was given a $7.24 price target, got thrown out before even getting out of the batter’s box this morning. MYEC stock has been a rough couple of months having bounced down from their 0.082 high in March to as low as 0.01 on Friday when the electronic check technology for mobile payments focused Company announced the date and location for their annual stockholders meeting. As for REVI stock being pumped today and DRIO stock getting dumped, the top traded penny stocks are showing signs of life to indicate that volume is slowly returning to the OTC markets.
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Top 10 Penny Stocks Traded as of 12:30PM EST
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MyEcheck has been on a PR parade for most of this year and last with updates of how their mobile payment technology is being scooped up or asked about by companies in a wide array of industries. When MYEC stock reached its peak at 0.082 back in March, the pusher was an announcement that the Company hd signed a licensing agreement with Itonis Inc. (ITNS) to facilitate point of purchase transactions for medical marijuana, gambling, and general retail sales.
Almost immediately after the announcement, MYEC shares began to slide down the razor’s edge with multi-day bounces coming when new updates were announced, but last week’s Q2 2014 results and plans to file a Form 10 with the SEC failed to help stop MYEC stock until it finally reached a true penny, 0.01 on Friday of last week. With 3,086,321,486 shares issued and outstanding and a float of roughly 33% of that, 1,032,648,198, the bounce today to 0.0174 allowed for nearly 74% profit for those who bought the bottom on Friday.
Resource Ventures Inc (REVI), who was initially pumped by The Bull Exchange in early 2013 and recently joined forces with Hemp Inc. (HEMP) to launch The Hemp Nation Magazine, was the subject of a multi-group awareness campaign today which was timed perfectly by Kimberly Kaiser, President of the Printing & Graphics focused Company. Prior to the opening bell, news was released that Resource Ventures booked Quarterly Revenues of $1,089,370 and Quarterly Net Income of $184,435.00, both new records, for the 2nd Quarter Ended June 30, 2014, proving that growth is definitely occurring compared to 2013 numbers.
Shares of REVI stock opened at 0.013 and took over an hour to reach 0.0228 for intraday gains of 75.38% thanks much in part to some strong alerts issued out at the opening bell. Having now witnessed 3 consecutive days of REVI stock climbing up out of subpenny land where it landed after the excitement from February which drove the shares up to almost 0.08, today’s volume is due to have a significant amount of sellers tomorrow looking to pass along their winnings from today (if the awareness can keep up the pace for a 2nd session).
LabStyle Innovations Corp. (DRIO) got their bell rung as soon as trading began this morning after an 8K filed an hour before the opening bell showed signs of dilution based on a previous agreement when the developer of the Dario™ Diabetes Management Solution raised $4.19 million from institutional and accredited investors. DRIO stock opened at 0.55 and was at 0.10 before anyone could blink, allowing for those who were trigger happy to play the bounce that was sure to come.
On Friday, the Company reported its financial and operational results for the three and six months period ending June 30, 2014 as well as providing an overview of results of the Dario™ smart meter soft launch, recent corporate achievements and anticipated milestones for the remainder of 2014. While DRIO stock may have been given a $7.24 price target earlier in the year after being invited to be presenters at the 3rd Annual Marcum Microcap Conference back in May of this year, the slow slide from $2.49 to under $2, to under $1.80, to under $1 to falling off the cliff today to 0.10 is sure to have attracted more attention that was warranted and should play out well for the patient players.
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We’re still a few weeks away from summer being officially over and the second stage of penny stock promotions to kick off. With old faces like REVI and MYEC showing up to join the AMBS and MCIG that have refused to leave the top 20 traded list for quite some time, some fresher tickers will likely be coming around in the next couple of weeks. With that in mind, make sure to check some of our recent reports for those that might just wind up being the next 5 or 10 bagger stock that you wish you knew about in advance.